Ann: SGH FY17 Results Presentation, page-204

I agree with what you are saying, except about the lenders and associates buying - I am not sure I see any sense in this and they would need to declare their interest once it was 5% (whether direct or indirect). Also, you mention liquidation - that is different to administration, which would be what would initially happen before any move to sell part or all of the business, or liquidation.

Initially I was thinking an 80% dilution would be a win for shareholders. When they wanted 95% I was shocked. I agree that 85% or even 90% would have been a good, not great, outcome. I am not sure what can happen with the vote if the no vote wins - is there a second bite of the cherry (at 90%)?

Two things to remember though:
1. It is not only the 95% dilution, but also how much debt is still left in SGH (and taking out the UK and upside from WTG). If they offer, say 85% dilution, I would suspect they would keep more debt on the books?
2. Without the Lenders support, this would have gone into Administration months ago, so I guess they can still just withdraw support overnight.